SEC Delays Decision on VanEck/SolidX Filing in Latest Bitcoin ETF Setback

The U.S. Securities and Exchange Commission (SEC) has again delayed a decision on a bitcoin exchange-traded fund (ETF) proposal.

AccessTimeIconMay 20, 2019 at 6:50 p.m. UTC
Updated Sep 13, 2021 at 9:13 a.m. UTC

The U.S. Securities and Exchange Commission (SEC) has again delayed a decision on a bitcoin exchange-traded fund (ETF) proposal.

In a new document filed Monday, the SEC said it was instituting proceedings on whether to approve or disapprove a proposed rule change that would allow the VanEck SolidX Bitcoin Trust to issue and list its shares.

The regulator invited comments from the public, due 21 days from when the order is published in the Federal Register, and rebuttals to those comments, due 35 days after such publication.

The new deadline for the SEC to make a decision is August 19, and it can delay one more time for a final deadline of October 18, attorney Jake Chervinsky tweeted.

The VanEck/SolidX bitcoin ETF was first filed last year with Cboe BZX, but was pulled in January due to a long-lasting government shutdown. The companies re-filed the proposal later that month, shortly after Bitwise Asset Management filed its own ETF proposal with NYSE Arca.

The SEC has delayed making any decision on the two proposals so far this year, with the latest delay on Bitwise's proposal coming on May 14.

The regulator has yet to approve any bitcoin ETFs in the U.S., and has so far either deferred making any decisions or outright rejected proposals over the past few years.

In the past, the SEC has cited concerns with market manipulation, liquidity, financial crime and other issues as reasons for its rejections.

VanEck digital asset strategist Gabor Gurbacs image via CoinDesk archives

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Grayscale Sues SEC Over Bitcoin ETF Application Rejection

The SEC rejected Grayscale's application to convert its Grayscale Bitcoin Trust to an exchange-traded fund earlier Wednesday.

CoinDesk - Unknown
2
CoinDesk - Unknown
SEC Rejects Grayscale’s Spot Bitcoin ETF Application

Grayscale has said it was prepared for “all possible post-ruling scenarios."

CoinDesk - Unknown
3
CoinDesk - Unknown
Coinbase is Reportedly Selling Geo-Location Data to ICE

Watchdog group Tech Inquiry reported the new details about Coinbase’s three-year contract with the U.S. Department of Homeland Security.

CoinDesk - Unknown
4
CoinDesk - Unknown
Genesis Faces ‘Hundreds of Millions’ in Losses as 3AC Exposure Swamps Crypto Lenders: Sources

The DCG-owned trading colossus is said to have suffered nine-figure losses partly through exposure to Three Arrows Capital and Babel Finance.

CoinDesk - Unknown